Space Solutions posts strong financial performance as profits reach £1.65m
Scottish workplace design and management consultancy, Space Solutions, has achieved successful growth for the year ended 30 June 2022 with an increase in turnover of 42% to £43 million. The firm’s year end profit was also strengthened at £1.65m, against £0.38m in 2021.
The strong performance by the group is the result of a positive year, seeing the business win significant project wins, and securing additional placements on 26 individual public sector frameworks.
The group has also completed work for high profile clients including: Design & Build projects for Insights Dundee, Rosyth-based Bella & Duke and retro-first refurbishment aligned to net zero targets at Lochside Avenue in Edinburgh; and relocation moves for Glasgow University as well as others, throughout 2022.
The strong performance has enabled Space Solutions to reinvest in the business through team expansions and senior appointments. Earlier this year, Space FM appointed a new Senior Facilities Manager position to boost its FM division. The team has since secured ongoing projects for clients including Queen Margaret University. The group has also committed to investing in its future workforce by appointing 10 apprenticeships and graduate positions.
Group managing director of Space Solutions Jim Mathieson said: “2022 has been one of our most significant years of growth since the business began 25 years ago. Despite the impact of the global pandemic, and the current economic climate, the figures confirm the strength and resilience of our business. It’s clear that workplaces are changing to meet the needs of employees and sustainability targets, and that evolution is reflected in different workspaces being created by our expert teams.
“The increase in turnover has enabled us to continue reinvesting in teams across the business, and I am incredibly proud to see the dedication and hard work of our company’s employees reflected in an excellent set of results.”
Teresa Thomson, director of finance and support services at Space Solutions, commented: “This year’s significant profit increase comes as a result of a successful year of new contract wins on the back of our robust business processes. We are now forecasting with similar buoyant figures as we look ahead into next year.”
Space Solutions has been creating award-winning interiors since 1997. Now in its 25th year, the business continues to develop the concept of workplace consultancy and has worked with major public & private organisations across the UK.
The business has offices located in Aberdeen, Edinburgh, Glasgow, Dundee and Livingston, and employs 198 members of staff.